Russian billionaires are losing their wealth amid the war President Vladimir Putin is waging against Ukraine, as the top five wealthiest persons in the country lost N3.78 trillion ($9.10 billion) within eight hours on Thursday.
Their losses follows various economic sanctions imposed by United States and United Kingdom, which has crashed the Russian stock market and the nation’s currency, Rubble.
Observerstimes gathered that the highest loser was Alexey Mordashov, a steel businessman, who happens to be the country’s second richest. He lost $3.2 billion on Thursday, as his wealth depreciate by -11.01% to $25.8 billion.
The next on the list is Vladimir Lisin, also a businessman, coupled with investment in transport. Lisin, who is the richest man in Russia, lost $2.2 billion, dragging his networth to $27.4 billion.
Metals guru, Vladimir Potanin, lost -7.28% from his fortune, which now stands at $25.7 billion, after losing $2 billion at the end of trading on Thursday, according to Forbes Billionaire Index.
Chelsea owner, Roman Abramovich, who is reportedly a close ally with Russian President and the fourth wealthiest, saw his networth depreciate by -7.04% to $13.3 billion after losing $1 billion.
Oil, banking and telecom tycoon, Mikhail Fridman, is the fifth richest man in Russia. He lost 5.32% of his wealth a day before, which represents $706 million. Fridman is now worth $12.6 billion.
With the losses recorded across board, the wealth of Russian billionaires are expected to continue on a decline path as the war between Russia and Ukraine is projected to extend into the last month of Q1.